2016 US Code
Title 12 - Banks and Banking
Chapter 21 - Financial Recordkeeping
Sec. 1955 - Civil penalties
12 U.S.C. § 1955 (2016) |
§1955. Civil penalties |
(a) For each willful or grossly negligent violation of any regulation under this chapter, the Secretary may assess upon any person to which the regulation applies, or any person willfully causing a violation of the regulation, and, if such person is a partnership, corporation, or other entity, upon any partner, director, officer, or employee thereof who willfully or through gross negligence participates in the violation, a civil penalty not exceeding $10,000. (b) In the event of the failure of any person to pay any penalty assessed under this section, a civil action for the recovery thereof may, in the discretion of the Secretary, be brought in the name of the United States. |
(Pub. L. 91–508, title I, §125, Oct. 26, 1970, 84 Stat. 1117; Pub. L. 100–690, title VI, §6185(d)(3)(B), Nov. 18, 1988, 102 Stat. 4357; Pub. L. 102–550, title XV, §1535(c)(1), Oct. 28, 1992, 106 Stat. 4067.) |
AMENDMENTS
1992—Subsec. (a). Pub. L. 102–550 inserted "or any person willfully causing a violation of the regulation," after "applies,". 1988—Subsec. (a). Pub. L. 100–690 inserted "or grossly negligent" after "willful" and "or through gross negligence" after "willfully" and substituted "$10,000" for "$1,000". EFFECTIVE DATESection effective on first day of seventh calendar month which begins after Oct. 26, 1970, except that the Secretary of the Treasury may, by regulation, provide that this section be effective on any date not earlier than the publication of such regulations in the Federal Register and not later than first day of thirteenth calendar month which begins after Oct. 26, 1970, see section 401(a), (b) of Pub. L. 91–508, set out as a note under section 1951 of this title. |
United States Code, 2012 Edition, Supplement 4, Title 12 - BANKS AND BANKING |
Bills and Statutes |
United States Code |
Y 1.2/5: |
Title 12 - BANKS AND BANKING CHAPTER 21 - FINANCIAL RECORDKEEPING Sec. 1955 - Civil penalties |
section 1955 |
2016 |
January 6, 2017 |
No |
standard |
84 Stat. 1117 102 Stat. 4357 106 Stat. 4067 |
Public Law 91-508, Public Law 100-690, Public Law 102-550 |